Creditors Show Support for Purdue Pharma’s Bankruptcy Plan
If preliminary voting sticks, Purdue Pharma’s controversial bankruptcy plan that settles with thousands of cities and states over the company’s role in the opioid epidemic will be accepted when the final tally is made public Aug. 2.
More than 95 percent of the 120,000-plus votes submitted are in favor of the bankruptcy proposal and nearly 97 percent of almost 5,000 state and local governmental creditors voted to accept the plan, the company said.
“The preliminary voting results demonstrate a broad consensus among every organized creditor group in these proceedings, and we will continue to work for even greater consensus ahead of the confirmation hearings,” said Purdue’s Chairman Steve Miller.
A plan confirmation hearing in the U.S. Bankruptcy Court for the Southern District of New York is scheduled for Aug. 9.